The result was driven by resilient underwriting and investment contributions from all Business Units, partly offset by the strengthening of reserves related to P&C Re's US liability business in the third quarter.
For the third quarter, the Group reported a net income of USD 102 million. Outside the US liability reserving actions, the main drivers for this result were disciplined underwriting, helping the business to successfully navigate a third quarter with increased natural catastrophe activity, and recurring investment income.
Insurance revenue for the Group amounted to USD 33.7 billion. The insurance service result, which reflects profitability of the underwriting activity, was USD 2.9 billion. The Group achieved a return on investments (ROI) of 3.9% in the first nine months of 2024, driven by a continued strong contribution from recurring income. The recurring income yield for the period was 4.0% and the reinvestment yield for the third quarter was 4.6%.
"Enhancing the overall resilience of the Group has been a key priority for the management team. With the decisive actions in the third quarter, which follow a comprehensive review, we have reached our goal of positioning overall property and casualty reserves at the higher end of the best estimate range”, commented Swiss Re's Group Chief Executive Officer Andreas Berger.
"All our Business Units continue to deliver attractive underlying performance thanks to disciplined underwriting and capital allocation. This is further supported by a significant positive contribution from investment income", said Swiss Re's Group Chief Financial Officer John Dacey.
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